Serco boss raises cash for retirement

Departing Serco chairman Kevin Beeston has sold 76,800 shares in the international outsourcing services provider. Beeston sold 50,000 shares held in his own name and 26,800 in the name of his wife Jayne Beeston. All the shares were sold at 535.35p each. The disposals raised just over £410,000. Beeston retains 293,925 shares in Serco.

On 24 September, Beeston exercised options over 776,837 shares at a cost of £1.58m. He immediately sold 506,112 shares at 503.32p each, raising £2.55m.

This means that Beeston has raised £1.38m net from disposals in the past month.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up

Last week, Beeston announced that he intends to step down as non-executive chairman at the company's next AGM in May 2010. That would mark his 25th anniversary at Serco. He was executive chairman for more than six years before switching to non-executive chairman in September 2007. He was previously finance director and then chief executive.

Serco's pre-tax profit for the six months to June 2009 increased 33% to £93.4m on revenue that rose from £1.49bnm to £1.95bn. Serco's order book was worth £16.7bn at the end of June 2009 and since then it has added a further £500m of contracts.

Top Director Buys

Value: £21,230

Top Director Sells

Value: £288,750

Value: £267,650

Value: £143,460

Value: £128,678

Value: £21,000